Cabinet approves revision of Deposit Insurance Law

The government has passed a revision of the Deposit Insurance Law, raising the ceiling for insured deposits from 20 million won to 50 million won. The measures go into effect from Jan. 1, next year, under the Deposit Guarantee Corporation.

The revision bill, however, stipulates the provision of a blanket guarantee for non-interest bearing checking accounts until the end of 2003.

The Finance-Economy Ministry, meanwhile, reported to the Cabinet on measures to protect people in low-income brackets during the winter season, such as increasing the amount of government financial support or loans for deposit money for renting houses from 20 million won to 30 million won. At the same time, interest rates for the loans would be lowered from 8.5 percent to 7.75 percent.